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Economists apologists for inequality
#1
Listen- very interesting.


"The recent global economic and financial crisis has showed that a conventionnal economic theory promoted by economists is false, according to Joseph Stiglitz, who won the Noble Prize for Economics in 2001.
Mr. Stiglitz, a professor at Colombia(sic) University in New York spoke at an event at UN headquarters on Monday on  "The Threat of Growing Inequalities: Building More Just and Equitable Societies to Support Growth and Sustainable Development".
In his keynote address, Professor Stiglitz said that economists have long been apologists for inequality.
He said they developed what is called "the theory of marginal productivity" which says that what individuals receive corresponds to their contributions to society.
"This is a view that was never true, never established but the crisis has made it evident how false that view is. In the midst of the crisis, the bankers who had brought the world to the brink of ruin, whose contribution to society was unambiguously negative, were walked off with mega bonuses. Their compensation had no relationship to their contribution. Their contribution was negative, and yet they walked off with millions of dollars in pay." (29")
Professor Stiglitz said  there are two ways to get rich.
One way, he pointed out, is to increase the size of the national pie, to do something that adds to the well being of society.
He said the other way, in which a large part of the incomes at the top have originated, is to try to seize a large fraction of the given economic pie by even destroying some of the pie."
Derrick Mbatha, United Nations.

http://www.unmultimedia.org/radio/englis...nequality/

 

 

 
May you build a ladder to the stars
And climb on every rung
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#2




I made a promise to myself I wouldn't react to your idiocy, but then, suffering fools has never been my strong point.  



 

 

 
May you build a ladder to the stars
And climb on every rung
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#3
"There is no Colombia University in New York"
Sure there is Kevin.  It is at 116th Street and Broadway.  Can't miss it.
Noting in Jess's post the use of (sic) next to Colombia.  Only an idiot could miss that one.  Context Kevo, it is all about the context. 

Rock on Jessamine.  I appreciate your offerings.
Natural selection will never favor Evangelical misfits


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#4
Thank you sir autie!
May you build a ladder to the stars
And climb on every rung
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#5
Now we know Scooter knows some of that latin...so it had to be ex post facto for you?  You couldn't figure it was just a typo?  For a psuedo intellectual you sure don't seem to be too savvy.
Oh my god, the whole world is imploding into socialism....duck and cover boys and girls!!!!
Natural selection will never favor Evangelical misfits


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#6
(That's a tad too abusive), you're the consumate troll. I wouldn't shell out one penny for you. Get a life, stop with the tats, weed, $6 lattes and get a job. Obama has brainwashed you, and you need to be re-programmed into the mainstream American lifestyle: personal responsibility, goals, stop blaming. In short, get a life.


Why don't you and (that's too abusive too) hook up, get jobs, buy a car and tune in and chip in for those who truly can't make it on their own: 'cause you two trolls ain't them.


(I understand heated discussions and am loathe to edit posts, but you guys should stop calling each other petty personal names.  Calling someone a troll is about the limit I'll accept.  Don't be upset.  You just found the limit.

It should also be noted that this post was reported (by an innocent bystander) and that's why I'm here editing your post, which I hate doing. 

I'm not going to patrol the boards like Barney Fife looking for stuff to edit.  So if you wonder why I don't delete or edit something you don't like, that probably means nobody reported it. 

Argue all you want with each other and have fun but don't be hateful to fellow members.

-Lib)

 

 
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#7
Now 99 finds it cute to make some weak ass insult joke about persons with disabilities?  Seems reasonable given his past performance.  If you have no understanding of my this you should also go sit in the truck.  Only an exceptional asshole would make such a joke. 

Chip in to help those who can't truly make it own their own?  Fine, come on down and go to work with me tomorrow instead of gassing up planes.  I'm on the front line every flippin day for those who "can't make it own their own".  You non relevant complainers are nothing but a speed bump in our way.
Natural selection will never favor Evangelical misfits


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#8
 
Quote:One way, he pointed out, is to increase the size of the national pie
 
Do you want to know why that would work?  It would work because if you increase the size of the "national pie" you devalue the pie that people already own.  If you devalue my property that is patently unfair to me.  It is income redistribution and that is theft.  Theft is unethical.  I refuse to steal and I resist all efforts to steal from me.

You want equality?  Work when you are scheduled to work and do your job as well as you can.  That's what most of us do for whatever tidbit of equality we have.  I get NOTHING for free, and I want nothing for free.  I'd rather do without.  Take what you need in taxes, but don't take my money to give someone else a life equal to mine.

I deserve something for going to work every day.

 
Winner.
Winner.

Chicken Dinner.


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#9
Very few people actually believe in or advocate complete economic equality.

But, many people feel that the current distribution is way out of whack, and should be more even.  There are a lot of charts and evidence that the money has gone more and more to those at the top, and that middle and lower class folks haven't even kept up with inflation.

There's an interesting site "Wealthometer" where you can plug in your income and/or wealth and see where you are relative to other folks.  You might be surprised, as I was, if you try it out.

I think that a lot of people have few to no assets at all, and lots of debt.

The example of the bankers and CEO's that drove us to the brink of a depression walking away with scads of money is a very good one - how can anybody defend that as rightful earnings?

 
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#10
There's an interesting article going around now about economic mobility and how it hasn't changed in the last half century.  There's probably something in it for those on both ends of the political spectrum.  

Poor people today are just as likely, or not, to move up the socio-economic ladder as the poor people 50 years ago.  The wealthy are just as likely to stay wealthy as they were 50 yeays ago.  This despite a 50 year long "war on poverty".  

Have we just pissed away all that money?  If we had invested more, would we have different results?  If so, how much more?  Maybe we've been making poor spending choices for the past 50 years and we need to make other choices.  Or is it like "Freakonomics" said when they suggested that the single most important determining factor is the genes your parents gave you at conception?  

Fifty years.  Anyway, it's an interesting read.  
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